no 95% mortgages unless you have a sponsor

scottburke

Been to see a mortgage advisor today (7/11/08). was trying to arrange a mortgage for buying a reposession. it was the estate agents mortgage advisor and estate agent is dealing with the reposession. we have 10k for a deposit in a bank. i told estate agent i was prepared to go upto 200k for the repo as i wasnt prepared to pay anymore on a mortgage. i originaly went to my bank in august, RBS, and got an Agreement in principle for a house which fell through. so before i went back to my bank i thought i d listen to see what this advisor had to say and see if she could better the original offer we d had from RBS.
not only does she tell me RBS have pulled 95% LTV mortgages. she tells me that no other company is now doing 95% LTV unless you have a sponsor. is this true??? she said the only way we could hope to get a mortgage on a house of that amount is to get a vendor gifted deposit, for another 5%. to take us upto having 10% and making our mortgage a 90% LTV.

sorry for the long story would just welcome any other opinions...

minimike2

Halifax will do 95% but you have to go direct, brokers cant arrange it. You also have to move all your banking to them.

I think C&G might also allow 95%, but again you have to go direct.

Halifax are usually pretty decent for FTBs.

inca_2

C&G will only do 90% and you have to be absolutely squeaky clean with good income and low debts to even get that these days.

minimike2

Is there someone else (other than BoI) that does 95% direct apart from Halifax?

inca_2

To be honest I know of a couple of building societies that did but don't know whether they do now (useless comment I know )

minimike2

Indeed.....1/10 for effort

Might just be Halifax then. I had a 95% enquiry today from an FTB who I directed to Halifax......its just not worth the bother even trying to get a First Start application accepted with BoI / B&W.....they never bloody agree them!

scottburke

minimike2 wrote: »

Indeed.....1/10 for effort

Might just be Halifax then. I had a 95% enquiry today from an FTB who I directed to Halifax......its just not worth the bother even trying to get a First Start application accepted with BoI / B&W.....they never bloody agree them!

so we are screwed then??? our only hope is the halifax. or am i missing the point here. 95% LTV have been pulled for a reason and we should sit tight with our money and wait while the market bottoms out. CAUSE THE BANKS KNOW THE MARKET HAS A LONG WAY DOWN TO GO YET????

beautifulgorgeous_2

negative equity all the way.Don`t do it, wait

vegankris

I got a 100% deal from (the infamous) Northern Rock a few years ago, and have regretted it since. Knowing you're in negative equity is incredibly stressful if anything ever goes wrong... it's bad enough thinking you might be forced to sell even if you'll just break even but knowing selling would put you in debt... ugh... wouldn't wish that on anyone. Don't do it!